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113 What Are the Differences Among and Between U.S. Adults Who Use Payday Loans & Check-Cashing Services and Those Who Do Not?
Key Words
Alternative financial services; financial well-being; money mangement; financial transaction
Short Description
Approximately 28% of U.S. adults use alternative financial services (AFS) providers to obtain check-cashing services, seek payday advance loans, or both (non-bank financial service users, NBFS). Prior research focused on three categories of AFS users: individuals who utilize payday loans; individuals who utilize check-cashing services; and individuals who utilize both. We described the key demographics of these groups and illustrated how these three groups differ from each other and from the general population. This present work includes an additional level of categorization--willingness to enroll one's accounts in automatic financial transaction data collection (e.g. Mint). Using the financial transaction data in conjunction with our data on the use of AFS, we regrouped our categories of AFS into four new groups. We then analyze the differences among the newly defined four groups of AFS users and include socio-demographic characteristics to offer greater explanatory power. We consider differences in money management between AFS and non-AFS users.
First & Corresponding Author
Meimeizi Zhu, NORC at University of Chicago
Authors in the order to be printed
Meimeizi Zhu, Angela Fontes, Justine Bulgar-Medina